RBI has released a list of frequently asked questions on Paytm Payments Bank
The Reserve Bank of India (RBI) has extended the deadline for the operations of Paytm Payments Bank Limited to March 15, 2024. The central bank had previously been told to stop certain important activities by February 29.
To help people understand what services will still be available during this period, the RBI has released a list of frequently asked questions (FAQs).
These FAQs explain which services Paytm Payments Bank can continue to offer until the new deadline.
Below are some of the questions with their answers:
Question 1 - Can I still take out money from my Paytm Payments Bank savings or current account after March 15, 2024? Can I keep using my Paytm Payments Bank debit card issued by Paytm Payments Bank?
Yes, you can still use your account and debit card up to the available balance in your account.
Question - 2 Can I add money to my Paytm Payments Bank savings or current account after March 15, 2024?
No, you can not add money after March 15, 2024. Only interest, cashbacks, sweep-ins from partner banks, or refunds are allowed to be credited.
Question 3 - What happens if I'm expecting a refund after March 15, 2024?
You will still get refunds, cashback, or interest credited to your account after March 15, 2024.
Question - 4 What about deposits in partner banks through sweep-in/out arrangements after March 15, 2024?
You can bring back deposits from partner banks to your Paytm Payments Bank account, but no new deposits with partner banks will be allowed after March 15, 2024.
Question - 5 Can I keep receiving my salary in my Paytm Payments Bank account after March 15, 2024?
No, you will need to make other arrangements for receiving your salary before March 15, 2024.
Question - 6 Can I still get government subsidies or direct benefit transfers in my Paytm Payments Bank account after March 15, 2024?
No, you will need to change your linked account to another bank before March 15, 2024.
Question - 7 Will my automatic electricity bill payments continue from my Paytm Payments Bank account after March 15, 2024?
Automatic bill payments will continue until there is money in your account. However, it is suggested to make other arrangements before March 15, 2024.
Question - 8 Will my automatic OTT subscription payments through UPI continue from my Paytm Payments Bank account after March 15, 2024?
They will continue until there is a balance in your account, but it is advised to make other arrangements before March 15, 2024.
Question - 9 Can my loan EMIs still be automatically paid from my Paytm Payments Bank account after March 15, 2024?
They will continue as long as there is money in your account, but it is recommended to set up payments through another bank before March 15, 2024.
Question - 10 Can I still use the funds in my Paytm Payments Bank wallet after March 15, 2024?
Yes, you can continue to utilise the funds in your wallet. You can withdraw, use, or transfer the balance to another wallet or bank account as long as there is a balance available. However, it is important to note that minimum KYC wallets can only be used for making payments to merchants.